ASML raises outlook as AI chip demand lifts Q2

ASML exceeded Q2 estimates and raised its full-year guidance, supported by strong demand tied to AI chips. The performance helped offset weaker results in the Chinese market, underscoring how spending on advanced semiconductor capacity remains a key driver for the company.

Other market developments included President Trump reversing a call for fees on tankers leaving the Strait of Hormuz under U.S. naval protection after investment pledges from GCC nations were presented as compensation. U.S. CPI slowed more than expected as energy prices fell, while newly appointed Federal Reserve Chairman Kevin Warsh made his first Congressional appearance and pledged to keep the role independent from the White House while working to bring down inflation.

In luxury, Richemont reported a 20 per cent increase in sales, beating Q1 estimates. Growth was described as strong across the Americas and Asia.